Emission trading systems as an instrument in decarbonization strategies’ toolkit

I. Popova
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Abstract

At the 2021 Conference of the Parties to the United Nations Framework Convention on Climate Change in Glasgow, many leading economies have cemented the intention of achieving carbon neutrality by mid-century (2050-2070). However, the geopolitical and economic crisis of 2022 threatens to reduce the priority of decarbonization policy and postpone the introduction of more restrictive measures. In the face of growing constraints, the choice of climate policy instruments becomes even more complex and important. It is necessary to analyze different options from the low-carbon development policy toolkit, to understand their strengths and weaknesses, and their potential to be used to build a comprehensive policy. This article analyzes the strengths and weaknesses of emissions trading systems (ETS) as a tool for direct carbon pricing - a measure that experts from international organizations, as well as the academic community, believe is essential for achieving climate goals. Despite the fact that carbon taxes (the second option of direct pricing) is easier to implement and administer, many jurisdictions still opt for an ETS. Several factors influence the choice of ETS as a decarbonization tool: if optimally designed, a market-based mechanism provides cost-effective emission reductions, there is potential for linkage into a larger systems, the flexibility of the instrument can also provide additional benefits, China’s national ETS is a good example of exploiting the ETS’ flexibility. Political and administrative characteristics (EU, Germany, UK, California), Kyoto, Brussels, and OECD effects (Mexico and other jurisdictions) play an important role in the choice in favour of ETS. The experience of complex and comprehensive low-carbon development strategies already being implemented shows that it is not necessary to place the ETS at the center, making it the cornerstone of policy. The role of ETS in the entire set of decarbonization measures can be central, supportive, or enabling. ETS can have different objectives and stimulate not only direct emission reductions, but also technological transformation, energy transition. For Russia as a federal state, conducting pilot projects with different instruments of carbon pricing implemented in different regions seems to be the best solution for the near future and finding the right instruments for the Low Greenhouse Gas Emissions Development Strategy.
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碳排放交易系统是脱碳战略工具箱中的一个工具
在格拉斯哥举行的2021年《联合国气候变化框架公约》缔约方大会上,许多主要经济体巩固了到本世纪中叶(2050-2070年)实现碳中和的意图。然而,2022年的地缘政治和经济危机可能会降低脱碳政策的优先级,并推迟推出更多限制性措施。面对日益增长的制约因素,气候政策工具的选择变得更加复杂和重要。有必要分析低碳发展政策工具包中的不同选项,了解它们的优势和劣势,以及它们用于制定综合政策的潜力。本文分析了排放交易系统(ETS)作为直接碳定价工具的优势和劣势,国际组织和学术界的专家认为,这一措施对实现气候目标至关重要。尽管碳税(直接定价的第二种选择)更容易实施和管理,但许多司法管辖区仍然选择了ETS。有几个因素影响了ETS作为脱碳工具的选择:如果经过优化设计,基于市场的机制可以提供具有成本效益的减排,有可能与更大的系统挂钩,工具的灵活性也可以提供额外的好处,中国的国家ETS是利用ETS灵活性的一个很好的例子。政治和行政特征(欧盟、德国、英国、加利福尼亚)、京都、布鲁塞尔和经合组织效应(墨西哥和其他司法管辖区)在选择ETS方面发挥着重要作用。已经实施的复杂而全面的低碳发展战略的经验表明,没有必要把ETS放在中心位置,使其成为政策的基石。ETS在整套脱碳措施中的作用可以是核心的、支持性的或扶持性的。ETS可以有不同的目标,不仅可以促进直接减排,还可以促进技术转型和能源转型。对于俄罗斯作为一个联邦国家来说,在不同地区实施不同碳定价工具的试点项目似乎是近期的最佳解决方案,并为低温室气体排放发展战略找到合适的工具。
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来源期刊
CiteScore
1.30
自引率
33.30%
发文量
24
期刊介绍: The journal mission is to disseminate Russian and international research in global governance, international cooperation on a wide range of social and economic policies; as well as to create a professional framework for discussion of trends and prognoses in these areas. International Organisations Research Journal publishes academic and analytical papers of Russian and international authors on activities of international multilateral institutions: G8, G20, BRICS, OECD, the World Bank, IMF, WTO, UN, and alliances: European Union, Eurasian Economic Union, Shanghai Cooperation Organisation and others. Analytical and research papers on international cooperation in higher education, trends in higher education developments at the national, regional and global levels are welcomed for reviewing and publication. The journal is aimed at researchers, analysts, practitioners in international affairs and world economics and at a wide audience interested in political issues of international affairs and global development. IORJ supports publications of graduate and postgraduate students, young researchers in Russia and abroad. All IORJ publications are peer-reviewed.
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